Banks slash fees, hope for more profits

If you slash fees, they will come.

Bank deposits, that is. And that's a philosophy increasingly gripping the banking industry as more and more banks look to attract depositors by offering free checking accounts and no-fee ATM service to consumers.

Given the increasingly competitive landscape - with high-yield online bank accounts stealing market share - retail banks have to fight tooth-and-nail to draw traffic to their stores. And that means innovative, consumer-friendly products.

But even a good strategy has some pitfalls, at least in the short term.